本週五到期的比特幣（BTC）期權將解決數十億美元的公開利息

交易所告訴Coindesk，即將到來的解決方案可能不會產生大量市場波動。

Deribit will see a large round of options expire on Friday, but the impending settlement, though big, may not yield significant market volatility, the exchange told CoinDesk.

交易所告訴Coindesk，Deribit將在周五有大量的期權到期，但即將到來的解決方案可能不會產生大量的市場波動。

According to Deribit metrics, over 139,000 BTC option contracts, valued at $12.13 billion and constituting nearly 45% of the total active BTC contracts across all expiries, are set for settlement this Friday.

根據Deribit指標的數據，超過139,000個BTC期權合同，價值121.3億美元，佔所有到期的現有BTC合同的近45％，將於本週五定居。

Further, more than 65% of the total open interest is in call options, which provide buyers with an asymmetric bullish exposure, while the remaining is in put options, offering downside protection.

此外，呼叫選項中，超過65％的開放式利息是，這為買家提供了不對稱的看漲曝光，而其餘的則是PROT選項，提供了下行保護。

Usually, such large quarterly expiries are known to generate market volatility. However, in the buildup to the expiry, the bitcoin 30-day implied volatility index (DVOL) has been showing a sustained decline. From an annualized 62%, the index has decreased to 48% in recent weeks, indicating lower volatility expectations.

通常，眾所周知，如此龐大的季度到期會引起市場波動。但是，在到期的累積中，比特幣30天隱含的波動率指數（DVOL）一直顯示出持續下降。從年度化的62％開始，該指數在最近幾週下降到48％，表明預期的波動性降低了。

Similarly, the annualized perpetual futures basis on Deribit stands at about 5%, which signals a calmer funding environment.

同樣，deribit上的年化永久期貨基礎約為5％，這標誌著平靜的資金環境。

“Despite the size of the expiry, the overall setup—low DVOL, moderate basis and balanced options positioning—suggests a relatively subdued expiry unless external catalysts emerge,” Deribit CEO Luuk Strijers told.

Deribit首席執行官Luuk Strijers告訴說：“儘管到期的大小，但總體設置（低調的DVOL，中等基礎和平衡的選擇位置）還是將相對柔和的到期降臨，除非出現外部催化劑。”

Some downside hedging is visible, according to the options skew, which measures the difference in implied volatility (pricing) for calls versus puts.

根據選項偏差，可以看到一些下行對沖，該選項量衡量了呼叫與puts的隱含波動率（定價）的差異。

“3-Day Put-Call Skew is Slightly Positive indicating some immediate Downside Protection demand while 30-Day Put-Call Skew is slightly Negative indicating a more bullish outlook over the Medium Term,” said Strijers.

Strijers說：“為期3天的Put-call偏斜表明有些立即的下行保護需求，而30天的plat-call偏斜略有負面，表明在中期中更持久的外觀。”

Also expiring on Friday is ether (ETH) options to the tune of $2.8 billion.

週五到期的還包括28億美元的款項。